Bitcoin Forum

I wanna ask if it is really possible that cyptocurrency will be accepted by the Government and will you agree that it will be subjected to tax when that time comes?

We all know that Fiat money is the form of currency that we are using right now, so when the world accepts cryptocurrency as a universal form of currency, then it will be taxed.

Already nations such as Singapore, Japan, South Korea and Switzerland have legalized Bitcoin (and the other crypto-currencies). Within the next few years, more nations will follow their example. But the taxes are still a bit of concern. And the tax rates also vary from country to country.

absolutely.... i don't know but taxes that will be implemented are like hindrance to us when time usually comes when the government legally and fully bitcoins and other cryptocurrencies.. that is only an opinion but i guess it would be a huge problem in the end if that happens.

I don't think they're going to have a choice. :-X

I think that in the next few years many countries will start taking bitcoins and impose it with tax, they will understand that this is the currency of the future and adoption will help develop the country's economy.

With bitcoin's popularity on the rise, a lot of establishments will soon cater this making it convenient to account holders to spend their coins. And because of this, sooner or later, the government will accept cryptocurrency. Although, if this happens, there may be a possibility that the use of it may be limited or the tax given to it may be a bit high.

Of course there is a possibility.

Cryptocurrencies would make it very easy for government to track exactly what is happening to the monetary supply. The only problem for the government is to get people on board for a "government blockchain" before people realize the potential of the technology. If the government makes a seismic shift towards cryptos before the mainstream moves into cryptos on their own, then people will just sheep around on government blockchains the same way they sheep around in the tax system right now.

If the government fails to get people on board before that point, governments will be at the mercy of its citizens though. I hope for the latter.

There will always be a choice to make no matter the situation that ensued. Government with accept bitcoin eventually but total acceptance is not something I see happening and if it does, its going to come after 100years when government initially accepts bitcoin in the first place and the reason is not far fetched because that would mean a completer overhauling of the existing financial system.

Of course it will as most establishments and most of the punlic are now edging towards cryptocurremcy as this has now become very profitable. However I see it as being subjected to tax as the government would always think that it also should contribute to the cou try and that is by taxing it.

I think the governments will understand this later. When the whole world starts talking about a bitcoin.

Most major countries have already accepted cryptocurrencies for use in their countries,  it's going to be a matter of time when the rest follow suit, through the sale of cryptocurrencies, they can raise significant amount of money through taxes that they charge people and it's going to raise the country more money.

It is possible because places or countries in Japan and singapore already uses or legalized the use of bitcoin.  Here in the Philippines it is like that because we can use bitcoin to pay our bills.  Banks supported bitcoins because if you want to cash out bitcoins, they forward it to banks.  Try to lessen salt intakes.

cryptocurrency is source to earn money and some countries like japan has legalized the bitcoin for trading and for doing business. and the most exclusive company like lambourgini has also accepting the cryptocurrency. it should be legalized by govenament but should have a limit and some restrictions. because there are chances that some people are using the cryptocurrency for their money laundring and to hide their black money and invest through cryptocurrency. and no one can know how they invest their money and where did it go. just buy the coins and send it to other no money trial left.

Estonia appears to be preparing to launch a national cryptocoin and may do an ICO - they appear to be most advanced government, although others are dabbling. For example, The Bank of Canada ran a pilot in 2016 to test feasibility on interbank transfers. Some governments have joined the Enterprise Ethereum Alliance, such as the Indian state Andhra Pradesh. Many governments are experimenting with blockchains more generally, as the vast opportunities beyond currency are more enticing and less risky to their fiat money systems that serve them so well (for now).

if paying attention to the development of bitcoin from year to year which is getting better and in demand by most users, it is possible that governments of countries in the world will legalize the use of bitcoin as a legal digital currency.
Currently, some countries such as Japan and Singapore use bitcoin as a digital currency, and some other countries are also studying bitcoin and its use in order to be legible in their country and can be used to transact anywhere safely.

Yes it is possible. If the cryptocurrency will have a continuous positive feedback to the people, the government will put some effort to study it. Actually I read a blog about cryptocurrency, it says that the Russian Government will support the campaign of cryptocurrency.

It will be accepted only if the government can control and tax it. Otherwise you will see people ending up in prison for having a bitcoin wallet.

As long as governments feel they can control, track, be able to manipulate it to some extent then they will be okay with it. Actual cash in hand to do transactions is being discouraged with reporting requirements and laws because it isn't as effortless to track like debit and credit cards are. Bottom line, anonymous cryptocurrency will be as popular as cash in my opinion, meaning not so popular.

It's possible to accepted cryptocurrency by govenments of some country beside their already counties that legalized and I know the other countries sees it's potential   and benefit them in the future if they will accepted it. In my country, our government already approved the registration of 2 companies that operates bitcoin exchange and hoping that they will continue to recognize the huge potential of bitcoin in the future. I think it will be a huge task for government to put taxes in transactions of bitcoin because they don't have any control on it.

Yeah, I agree that government will find a way to tax bitcoin. Tax and transaction fee would be a big problem for average user so I hope they will leave it alone.

Hopefully they'll leave it alone but of course, for any government to entirely accept cryprocurrencies, they will try to find a way to be in control of it. And the reason why people dig this crypto revolution is because it's decentralized and not controlled by governments and banks.

If they want to tax our crypto transactions and assets, doesn't that mean they will have to
ban all anonymous cryptos (like Monero)? Maybe that's why all these horror stories about cryptos
being used for illegal things are spread about so much by governments. They want to keep
an eye on our assets.

I think that's the only viable option, governments will see it's potential to make money out of it, so they will definitely legalize it and find a way to earn taxes out of it.

Cryptocurrency is accepted by the government. Attempts are being made to regulate, the introduction into the economy, etc.

Cryptocurency is a universal currency, whether the government like it or not bitcoins will still be in treading in your exchange market. So it is to there own advantage to except it as a form of payment in places like the airport and bus terminal. It will boost they economy greatly.

Yes I think it is possible and I think it is a great idea because it has a possibility that the value of bitcoin will increase if the government support and fund it. Besides there is no illegal activities here in bitcoin, just scamming then the rest are legal.

Most likely in the future Cryptocurrencies will be accepted. Bitcoin will be known and used throughout the world, and when Bitcoin is implemented as our fiat then taxes will be a bit unstable, as bitcoins price range is drastically changing day by day, every hour and every minute. Paying taxes will be the problem of implementing it as our societys fiat.

For me it is not impossible to happen. There are already some countries who started to legalize the use of cryptocurrency. The world is round and we cannot predict what's going to happen next.

If the cryptocurrency is taxed, how will it differ from fiat?

Yes it is possible for the government to fully accept it and if they want a piece of the pie and to tax it they must regulate and accept it. Think about it how can you tax something that is illegal, well you simply cant. Thererfore

they must look at integrate cryptos into tax law and society because if they dont they lose out on an opportunity to tax and we all know governments love their tax dont we  ::)

I think It is high time governments all over the world should accept bitcoin. Some countries have already started.

It won't be long till the world accept crypto currency and of course the governments. I mean now we see countries actually using them in their trade. So long as a venture is profitable and no  one takes offence in it, then the will get to know to accept it. Much like gambling, in the olden days it is frowned upon, but now they build city after city of gambling structure, same goes for marijuana. So long as the government can make a profit from it, it will be accepted

For me I think its possible our government is totally accepted  someday i can wish for that